Nifty above 15,850; breadth remains strong

The key equity indices traded with strong gains in the mid-morning trade amid positive global cues. The Nifty was hovering above the 15,850 level. All the sectoral indices on the NSE traded in the green with metals, IT and autos gaining the most.

At 11:23 IST, the barometer index, the S&P BSE Sensex, added 546.78 points or 1.04% to 53,274.76. The Nifty 50 index gained 164.75 points or 1.05% to 15,864.

In the broader market, the S&P BSE Mid-Cap index rose 0.98% while the S&P BSE Small-Cap index gained 1.57%.

Buyers outnumbered sellers. On the BSE, 2,454 shares rose and 721 shares fell. A total of 167 shares were unchanged.

Buzzing Index:

The Nifty IT rose 1.84% to 28,288.35. The index lost 0.89% in the past trading session.

Among the components of the Nifty IT index, Mindtree (up 2.97%), Larsen & Toubro Infotech (up 2.81%), Tech Mahindra (up 2.72%), HCL Technologies (up 2.51%) and Infosys (up 2.15%) were the top gainers.

Stocks in Spotlight:

Welspun Corp gained 3.54% to Rs 220.60 after the company said it has secured various orders worth about Rs 600 crore to be executed from India and the USA across the oil & gas and water sector of about 47,000 MT. The company received an order for the supply of onshore coated pipes and bends for a pipeline project in Australia. This order entails manufacturing and supplying 19,700 million tonne of pipes and 180 bends for transportation of gas.

Dredging Corporation of India rose 1.06% to Rs 272 after the company announced the signing of an agreement with the Department of Fisheries for developing water bodies across India. The company will develop fishing harbours/reservoirs/ponds/other water bodies across India through dredging and other marine activities. Prof Dr G.Y.V Victor MD & CEO of Dredging Corporation of India (DCIL) said that going forward this agreement will provide big opportunities for DCIL to venture into long term contracts with States and Centre to develop the fishing harbour and maintain it.

Dr. Reddy's Laboratories gained 1.50 to Rs 4,373.35 after the drug maker said it acquired a portfolio of branded and generic injectable products from US-based Eton Pharmaceuticals, Inc. The portfolio includes the Biorphen (phenylephrine hydrocholoride) injection and Rezipres (ephedrine hydrochloride) injection NDAs with nine separate combinations of strengths and presentations and one first-to-file approved ANDA for Cysteine Hydrochloride for the U.S. one strength each of Biorphen and Rezipres are currently commercially available in the U.S. The acquisition will complement Dr. Reddy's U.S. institutional business with limited competition injectable products.

Global Markets:

Asian stocks rose across the board on Monday amid improved risk sentiment after Wall Street rebounded strongly on Friday as oil prices eased, tempering fears of prolonged inflation and the accompanying aggressive Federal Reserve tightening.

Meanwhile, Russia defaulted on foreign-currency sovereign debt for the first time in more than 100 years, as per reports. The country's central bank foreign reserves remain frozen.

Wall Street rebounded strongly on Friday as oil prices eased, tempering fears of prolonged inflation and the accompanying aggressive Federal Reserve tightening.

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